Economy

US, China trade negotiations positive as Beijing meetings continue

US, China trade negotiations positive as Beijing meetings continue”

Neither side has said when the two countries will meet again for further negotiations.

U.S. and Chinese officials extended trade war talks into a third day on Wednesday, with a member of the American delegation saying negotiations "went just fine".

Speaking at a daily news briefing in Beijing, Chinese foreign ministry spokesman Lu Kang confirmed both sides had agreed to extend the talks beyond Monday and Tuesday as originally scheduled.

Negotiations between the US and China in Beijing this week on trade were "extensive, in-depth and detailed", and laid the foundation for the resolution of issues of mutual concern, the Ministry of Commerce said in a statement Thursday. It said USA negotiators would await "guidance on the next steps" after reporting back to Washington. It is the first time that officials have met for face-to-face talks since President Trump and President Xi agreed a 90-day ceasefire in December.

The U.S.is looking to crack down on China's business practices, including allegations of technology theft along with slashing the trade deficit and getting more access to Chinese markets.

Prior to the meeting, China made a number of concessions to USA demands including temporarily cutting punitive tariffs on US -made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

China is keen to put an end to its trade dispute with the United States but will not make any "unreasonable concessions" and any agreement must involve compromise on both sides, the China Daily, a state newspaper, said on Wednesday.

People familiar with the U.S. If a "REAL" deal with China is possible, the USA will "get it done", Trump tweeted shortly after his dinner with Jinping last month.

The midlevel talks in Beijing concluded on Wednesday.

According to China's Foreign Ministry, the talks extended into an unscheduled third day.

The United States has long complained about access to the vast Chinese market and Beijing's demands US companies reveal their technology advances.

The extra day of talks came amid signs of progress on issues including purchases of US farm and energy commodities and increased access to China's markets.

Neither Chinese nor USA officials have given any details about the discussions.

"We can confidently say that enough progress was made that the discussions will continue at a higher level", said Craig Allen, president of the U.S. "And China going forward will likely still want to increase the diversification of its sources of supply even for agricultural commodities". The council and other US business groups have pressed for a resolution to the trade hostilities between the world's two biggest economies.

Trump imposed tariff increases of up to 25 percent on $250 billion of Chinese imports. Those include subsidies and other favors for high-tech and state-owned industry, rules on technology licensing and preferential treatment of domestic suppliers in government procurement.



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